Minister of Corporate Affairs PC Gupta said he was not aware that Kiran Karnik, one of the newly-appointed Satyam board member, was also on the board of Emergency Management and Research Institute (EMRI). However, he said there is no conflict of interest with HDFC chairman Deepak Parekh being on the board of other IT companies.Mr Parekh is also on the new Satyam board.

ICAI will take its own action in due course, do not want to rush to any action under pressure, Gupta added.

Commenting on the same, EMRI CEO, Venkat Changavalli said Karnik resigned from EMRI governing board on January 9. He also said that Satyam founder and former Chairman, B Ramalinga Raju also resigned as EMRI Chairman on January 7.

EMRI, a non-profit organisation, has been providing comprehensive emergency response services since August 2005 in Andhra Pradesh and was expanding into other states.